|25 January, 2019

Total set to announce major investment in Saudi gas filling stations

Total CEO Patrick Pouyanne: We will announce in the coming days that together with Saudi Aramco we will establish a retail network in Saudi Arabia

Chairman and CEO of Total Patrick Pouyanne speaks at the APEC CEO Summit 2018 at Port Moresby, Papua New Guinea, 16 November 2018.

Chairman and CEO of Total Patrick Pouyanne speaks at the APEC CEO Summit 2018 at Port Moresby, Papua New Guinea, 16 November 2018.

Reuters/ POOL New

London: The boss of French energy giant Total has revealed plans to invest in gas filling stations across Saudi Arabia.

He was speaking on a panel with the Kingdom’s finance and economy ministers as well as the chief of Morgan Stanley at the World Economic Forum in Davos.

“I am investing in Saudi Arabia — heavily,” said Total CEO Patrick Pouyanne.

“We will announce in the coming days that together with Saudi Aramco we will establish a retail network in Saudi Arabia.” FASTFACTS

Aramco and Total struck a deal to develop a $9 billion petrochemical complex in the Kingdom.

Earlier this month, Aramco said it was establishing a domestic fuel retailing subsidiary as part of the national oil company’s drive to expand beyond crude oil production into downstream businesses.

The new firm, Saudi Aramco Retail Co, would create a network of filling stations within Saudi Arabia to sell automotive fuels, Aramco said last week, without giving details of the size, cost or time-frame for the network.

In April, Aramco said it had signed a memorandum of understanding with Total to evaluate the feasibility of jointly buying a retail service station network in Saudi Arabia.

Last October, Aramco and Total signed an engineering and design contract for a $9 billion petrochemical complex in the Kingdom.

The Amiral complex will be able to produce 2.7 million tons of chemicals annually and is expected to be completed by early 2024.

Arab News: Copyright: Arab News © 2017 All rights reserved. Provided by SyndiGate Media Inc. ( www.Syndigate.info ).

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